Tuesday, August 30, 2016

10 MOST IMPORTANT QUESTIONS TO ASK BEFORE VENTURING INTO A NEW BUSINESS



When choosing the business you want to start, consider the following vital questions in order to determine how your business operations will be structured:

  1. Would you like to work with your brain or hands, or both?
  2. Working from home or Operating from a Corporate Office environment, which matters to you most?
  3. What do you really have passion for, Motivating/Inspiring, analysis, writing, solving things, blueprints, repairs or Installations?
  4. What is your area of interests? What are your hobbies?
  5. Would working solo or as part of a team more rewarding?
  6. What is your strongest point, planning things, or Doing things?
  7. Are you disposed to working with computers or business machines?
  8. Do you like to drive or operate equipment?
  9. Does your new business involves travelling, collection and display of items, organize and attend shows, or taking pictures?
  10.  Do you want to start small, large, or BIG?


Consciously create a list of your likes and dislikes.  Keep a diary of things you do that relate to business and rate each entry from 1 to 5 based on your interest.  Then prepare a list of your strengths, weaknesses, opportunities and concerns.  After doing all that, you should have a list of small businesses that are right for you.  Then you can make a list of the small businesses and rate them from 1 to 5 based on your own chosen criteria.

Some criteria could be is it feasible, low in cost to establish, meets my objectives, will make money, there is a “niche” market of existing customers, or it will produce residual income to name just a few.



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